The aim of this paper is to investigate ways to assist Africa to address its deteriorating position within the global context by becoming financially more self-sufficient and more independent. This paper proffers three ways in which NEPAD can assist to make Africa financially more self-sufficient. The obvious starting point is to utilise Africa’s comprehensive comparative advantage of favourable climate, animal wildlife, eco-tourism and scenic beauty. Through NEPAD initiatives better and safer services can attract more tourists to Africa. Secondly, private ownership and secure property rights can be developed and guaranteed by the African Union and NEPAD throughout Africa. Property title must also be provided for poor communities and informal settlements. Thirdly, the environmental degradation must be addressed and where possible reversed in Africa. The principle of payment for conservation is already firmly established and Africa must use this to its advantage. Through integration, cooperation and communication between African countries, the development potential can be improved for all, including the poor communities and countries. NEPAD can use the global agenda and mutually beneficial partnerships with the developed world to achieve its aims.
|Keywords:||Financially Self-sufficient, NEPAD, Environmental Degradation, Mutually Beneficial Partnerships|
Professor, Department of Economics and Econometrics, University of Johannesburg, Florida, Gauteng, South Africa
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